Find Reverse Mortgage Specialists in East Syracuse, NY
Compare reverse mortgage specialists in East Syracuse. Review contact information and insurance categorys before you decide.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of New York before hiring.
Showing 14 reverse mortgage specialists in East Syracuse, NY
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
What Does a Reverse Mortgage Specialist in East Syracuse Cost?
Typical costs for a reverse mortgage in New York include an origination fee up to 2 percent of the home value capped at 6000 dollars, a mortgage insurance premium of 2 percent of the appraised value, and appraisal fees ranging from 400 to 800 dollars. Closing costs such as title insurance and recording fees add 1500 to 3000 dollars. Total upfront costs often range from 5000 to 12000 dollars depending on the property value. This is general information not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the age and equity requirements for a reverse mortgage in East Syracuse New York?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. New York law also requires that the property be a single-family home or an approved condominium. The home must be the borrower primary residence.
Do I need counseling before getting a reverse mortgage in New York?
Yes, New York state law and federal HUD rules require all borrowers to complete a counseling session with a HUD-approved counselor. This session covers loan terms, costs, and alternatives. The counselor must be independent from the lender.
How does a reverse mortgage affect my heirs in New York?
Heirs can keep the home by paying off the loan balance or 95 percent of the appraised value whichever is less. New York law gives heirs 30 days after the loan becomes due to decide. If they sell the home any remaining equity goes to the estate.